MUMBAI: In the biggest residential property transaction in the country, DMart founder Radhakishan Damani and his brother Gopikishan Damani have purchased a bungalow property at Narayan Dabholkar Road in south Mumbai for a record Rs 1,001 crore.
Property market sources said the bungalow called Madhu Kunj is located on a prime 1.5-acre land with a built-up area of over 60,000 square feet in tony Malabar Hill. “The ground-plus-one storey bungalow is built in the Art Deco style and could be at least 90 years old. It has heritage features,” said a local resident. It has an open terrace and a large compound.
Damani paid stamp duty of Rs 30 crore for the property, which was purchased last month, according to real estate market sources. It is not known if the new owner plans to redevelop the property.
TOI has learnt that the property belonged to the Premchand Roychand family of Mumbai. “It is one of the old established mercantile families of the city, whose ancestors built the Venetian Gothic Rajabai Clock Tower at Fort in the mid-19thcentury,” said a person who knows the family.
The bungalow is situated at the corner of Narayan Dabholkar Road, one of the most exclusive and expensive residential enclaves in south Mumbai, where apartments command a price of Rs 70,000 to Rs 80,000 and more per square foot depending on the building. The VIP neighbourhood also has several bungalows such as Shivgiri, Ramtek and Meghdoot.
A property market source, not wishing to be identified, said of Damani: “He is one of India’s smartest investor minds and has been investing big time into real estate. Just recently, he purchased an eight-acre plot in Thane for Rs 250 crore.’’